There is perhaps nothing more discouraging than hiring and training a top-notch employee, only to have them resign a few months later. Yet in many offices, this scenario is woefully common. The statistics don’t lie: a whopping 65% of employees are likely to resign from their position to pursue another opportunity.
A high turnover rate is not only stressful, it’s costly: Estimates are that replacing even an entry-level employee can cost up to 40% of an employee’s salary. Here’s a few tried and true methods to retain good employees:
Have a Strong Onboarding Process
An employee’s first three to six months have a huge impact on how long they will stay with the company. The vast majority of newly hired employees are not fully invested in the company upon their start date. Providing proper training and facilitating a smooth transition into an employees new role helps develop a good relationship from the beginning and garner faith in the long-term benefits of the role.
Give Employees the Tools They Need
Make sure that your employees have the tools they need to do their work well. It’s important to budget for upgrades to increase efficiency and ease of work. This could include anything from computers and software, to ergonomic office furniture.
Review Employee Compensation
One of the biggest causes for these “flight risk” employees is compensation. While salary certainly plays a large role, other forms of compensation such as benefits, vacation, work-life balance, and opportunities for growth are just as important.
Develop the Office Culture
A healthy office culture is important to keeping employees engaged with their work and committed to the company. Encourage team-building activities like an office fundraiser for charity. It’s also important to have fun at the office to keep moods elevated and positive. Try implementing a weekly trivia game or raffle. Invest in your employee break room and stock it with games and snacks!
Recognize Your Employees
Recognizing the efforts and achievements of your employees is paramount to employee retention. It is also an essential ingredient of improving employee engagement and reducing turnover rates. According to one college study, 69% of employees would work harder if they were given more recognition by their superiors. Another survey shows that 50% of employees believe receiving recognition from their superiors improves their relationship and builds trust.
Recognize the whole team by having a catered lunch to thank them for their hard work. Or when an individual goes above and beyond, call them into your office to thank them for their accomplishments. Highlight an employee’s achievements in the company newsletter, or at the next staff meeting.
Check in Regularly with Employees
Schedule routine one-on-one meetings with each of your employees to check in on how they’re doing. Ask them about what challenges they’re facing and ask for their feedback on how to improve office operations. These sessions can not only help you to guide your employees, but also give you insight on what motivates them and improves their engagement.
To find and to retain good employees is challenging, but being able to keep them requires just as much strategy. Making the effort to reduce turnover will result in happy, long-term employees, and a productive office.
Contact us at Platinum Recruiting if you are struggling in finding good employees for your company.